Breaking News Latest news on the sale of the club.

[Cricko]

Why would rat boys finance peeps formally agree anything without the green light from the council.

And that seems to be a main sticking point.

 

[Yorkshire Blue]

As far as i am aware he also has loans against the housing project at RH so for the loanees to be happy i would think they would want to see the council at least in principle allowing the moving of said housing to FF. Of course that will all be subject to planning.

Not only that but Ron isnt technically involved with Fossetts. It’s going to be developed by a company Jack Martin has a stake in. Anything needs to also be agreed by Jack and whoever Jack’s business partner is. Meanwhile Ron is sitting in meetings no doubt promising things he can’t deliver.

 

[Holy Joe]

Have I understood what Liam said on the Podcast correctly or missed something.

here Goes and I have tried to make this a simple an interpretation as possible. If anyone spots I have misunderstood anything, please point it out:

Ron may or may not be short of capital

Ron owns the land at FF and that land has a value, which may rise or fall depending what is or isn't built on it.

However, there is a charge on the land, meaning he has loans from a third party, against the value of the FF land at the point when he took those loans out. Therefore he needs the value of the land to keep above the value it was at when he took those loans out.

To repay those loans Ron needs the project to complete to raise the capital to repay the loans and take his proceeds and disappear into the sunset.

However, the current planning permission he has was with a stadium involved on the FF project.

That is now not required, hence the requirement to allocate the housing that was going onto the Roots Hall Land to be relocated to FF.

However, FF is currently Green Belt, hence why Ron needs the council's legal OK that the re-allocation of RH housing can be ratified, as previous planning permission on Green Belt land was given because of the stadium involvement.

Council are carrying out DD, to ensure the legal process involved covers them, to give that approval on FF land and a go ahead for Ron to progress the project.

Once he has that approval, contracts will be exchanged with the consortium, and they will then become legal owners of the SUFC. SUFC's creditors will then commence to be paid the monies owed to them by SUFC in part agreements or in full depending on amounts owed and agreements in place. So every creditor would then have a better result than SUFC going into administration or being wound up.

Ron, when FF is completed and as it would be a phased project, the £20m would be released to SUFC in phases to the consortium to contribute to the refurbishment of RH. Thus his loans would commence repayment to his creditors who have charges on the land as the project progresses, depending on the legal contracts of the loans.

Once the FF project is completed, we then hopefully live happy every after without him.

He makes his money and sails of into the sunset with his son.

I haven't listened to the podcast - but the above isn't quite my understanding - the council are currently DD the changes to their leasing agreement of the properties at RH and FF (change amongst others to be properties solely at FF). They are not at this stage evaluating new planning permission at FF, and the deal to sell the club doesn't depend on new planning permission.

I'll add I have no inside info or contacts, just my evaluation of public info

 

[Fairport]

So frustrating that a community asset that is a big part of their life for thousands of fans is being kicked around and abused by greedy property developers and lawyers. A really grubby situation.

 

[Cricko]

Not only that but Ron isnt technically involved with Fossetts. It’s going to be developed by a company Jack Martin has a stake in. Anything needs to also be agreed by Jack and whoever Jack’s business partner is. Meanwhile Ron is sitting in meetings no doubt promising things he can’t deliver.

We need another upto date from @Napster about who currently owns what and who owes who?

 

[ColinMorrisWalksOnWater]

I haven't listened to the podcast - but the above isn't quite my understanding - the council are currently DD the changes to their leasing agreement of the properties at RH and FF (change amongst others to be properties solely at FF). They are not at this stage evaluating new planning permission at FF, and the deal to sell the club doesn't depend on new planning permission.

I'll add I have no inside info or contacts, just my evaluation of public info

Hiya Joe, agree, I was just trying to get to an end conclusion to pull in the £20m to the club, which the Consortium won't see until the completion of each phase, that was not part of the podcast conversation, so a bit extra.. I should have put that caveat in. So agree with you.

For the £20m to start being forthcoming that would need to be after planning permission, but for the completion of the sale as you quite rightly state, planning permission not needed, just the confirmation from the council that it would be given and they would be in a legal position to do so, hence the DD.

 

[Holy Joe]

Hiya Joe, agree, I was just trying to get to an end conclusion to pull in the £20m to the club, which the Consortium won't see until the completion of each phase, that was not part of the podcast conversation, so a bit extra.. I should have put that caveat in. So agree with you.

For the £20m to start being forthcoming that would need to be after planning permission, but for the completion of the sale as you quite rightly state, planning permission not needed, just the confirmation from the council that it would be given and they would be in a legal position to do so, hence the DD.

My understanding of the £20m is that it is from profits and likely in installments, so after PP, after at least some construction and units rented/sold.

 

[defender05]

And that seems to be a main sticking point.

The council must have known this when they made the verbal agreement.

 

[kentblues]

I haven't listened to the podcast - but the above isn't quite my understanding - the council are currently DD the changes to their leasing agreement of the properties at RH and FF (change amongst others to be properties solely at FF). They are not at this stage evaluating new planning permission at FF, and the deal to sell the club doesn't depend on new planning permission.

I'll add I have no inside info or contacts, just my evaluation of public info

And I seem to remember much discussion on here around it no longer being green belt….
So many versions of the facts…and if someone gets some wrong then how do we know what is true and what isn’t…

I think it’s the lack of transparency that is a cause of a lot of heat around this.

 

[Holy Joe]

And I seem to remember much discussion on here around it no longer being green belt….
So many versions of the facts…and if someone gets some wrong then how do we know what is true and what isn’t…

I think it’s the lack of transparency that is a cause of a lot of heat around this.

I think we established that some of the FF land is green belt, some isn't.

I suspect the £20m for RH redevelopment is to get around the green belt issue - the development/sacrifice of green belt is still enabling provision/improvement of community asset

 

[kentblues]

I think we established that some of the FF land is green belt, some isn't.

I suspect the £20m for RH redevelopment is to get around the green belt issue - the development/sacrifice of green belt is still enabling provision/improvement of community asset

I think we established it nearly all wasn't- but I am lost between the various alternative facts to the point the actual facts have lost currency. Please let this nightmare end.

 

[THE SEVENTIES NORTH BANK]

I thought the Council were responsible for getting Ron to pay. Do remember Justin saying no money would be forthcoming until property is built at Fossetts.

Correct. The money will be paid after a fair bit of the development is done and sold, from what I was told a few months back.

 

[rshepp]

Correct. The money will be paid after a fair bit of the development is done and sold, from what I was told a few months back.

Brilliant move by RM.
I am going to put my pension pot into being a shareholder with him.
RH housing transfered to FF.
Bankrupt Southend FC.
Build houses on RH.
Win, win.
Let us not forget that SBC will be happy to take the extra revenue.

 

[bazzashrimper]

The bit that worries me is the finance partner. I wonder if that’s related to the “wish” to change plans.

 

[THE SEVENTIES NORTH BANK]

Brilliant move by RM.
I am going to put my pension pot into being a shareholder with him.
RH housing transfered to FF.
Bankrupt Southend FC.
Build houses on RH.
Win, win.
Let us not forget that SBC will be happy to take the extra revenue.

I'm sure the consortium won't be relying on Ron to pay them the £20m directly. They're not silly, and know how economical he is with the truth, and certainly can't be trusted money wise.

 

[Morty01]

This whole greediness by all these people is turning me into a communist.

 

[onceknownasrab]

24,000 houses were built on green belt land last year. I doubt FF is a useful bit of green belt apart from preventing urban sprawl but, there's plenty of developments around and beyond it so that's little or no argument. The council want it, they will have it. They will tick box the process for looking good but that's about it.

 

[Paulie Walnuts]

Brilliant move by RM.
I am going to put my pension pot into being a shareholder with him.
RH housing transfered to FF.
Bankrupt Southend FC.
Build houses on RH.
Win, win.
Let us not forget that SBC will be happy to take the extra revenue.

I would be more comfortable with Robert Maxwell holding my pension money than the rat but I get your point.

 

[cerbera45]

He

Such a nothing statement. No detail, no substance, just waffle. But I suppose that is Martin for you

He'd make a wonderful politician

 

[Lincoln Shrimp]

The slippage in terms of projected timescales started when the Council didn't commence DD until mid February. That shouldn't be forgotten.